Make smart, calculated decisions when you’re assessing your marketing budget during the COVID-19 crisis.
I want to talk about one of the more common questions or topics I’m discussing with my clients this week. Most of them are thinking about making some decisions around their marketing budget, in the midst of the COVID-19 crisis.
Avoid Rash Decisions
They’re seeing changes in store traffic, declines in various areas and they’re trying to figure out how they can cut costs and where it makes sense to cut costs, which makes total sense. The one piece of advice I’m giving them all, and I want to give you all is to resist the urge to make rash decisions.
It’s very easy to just start cutting based on the most expensive or highest cost items that you’re spending money on when you’re marketing your business. Social media, for example. I think it’s important to always remember to make these types of decisions based on some forms of metrics and KPIs.
Watch the Trend Line
You want to really pay close attention to that trend line. When you’re looking at your search traffic, you want to look and see how people are behaving on your website. Is traffic going up, going down? How are your goals and conversions performing?
Same thing with social media. Look at that trend line in terms of the impressions your posts are getting, what type of type of clicks and engagement that they’re generating.
If you’re doing some online advertising, take a look at your CPM and CPC; is it going up? Is it going down? Are more people coming to your website or more people converting or less people converting? Depending on what your goals are, you could see an increase in impressions page views etc, but see a tapering off or a decrease in the number of conversions.
We have People’s Attention
We have to remember that people right now are at home and they have nothing to do. We have their attention. They may not be buying right now because of the uncertainty, but they’re definitely looking and researching what they’re going to be buying or paying attention to in the coming months when normal life resumes.
Not the Time to Disappear Online
Chances are they’re looking and doing their research. The last thing you want to do is to totally disappear during this time where people are actually doing some more research and spending some more time online.
Look at your customer, look at the people that you’re trying to do business with and depending on how these different social media channels or marketing channels rather, are performing in comparison with your budget.
Review Your Metrics & KPI’s
Decide based on some metrics and make the cuts where they actually make sense. That’s my message for you all today. Just you don’t want to disappear right now because that will be the worst thing you could possibly do.
Feel free to drop a comment below if you’ve got any questions.